THE two men behind controversial payday loan firm Wonga.com have made £50million between them.

Founders Errol Damelin and Jonty Hurwitz have seen their company grow to a staggering value of £384million in just five years.

The astonishing growth is mainly down to giving short-term cash loans to struggling families at exorbitant interest rates.

A household name through a huge advertising ­campaign, Wonga claims it serves people who need the flexibility of ­borrowing in the short term and can afford to pay it back.

But critics say they target desperate unemployed families, luring them with the promise to put cash in their bank accounts within just 15 minutes.

Many turn to the company after watching the TV ad which shows three puppet pensioners dancing to house music while explaining the ­attractions of Wonga.com.

The company, whose ­annual interest rates charges work out at 4,200 per cent, this week sparked controversy when it announced its latest venture – to cash in on the failure of banks and the Government to help small firms.

Anti-debt campaigners fear small businesses will get into trouble by falling behind on Wonga.com ­repayments and will take out more loans to stay afloat. Labour MP Stella Creasy, who has led a campaign to limit the amount payday loan outfits can charge, said: “If the Government were serious about helping small business they would back a cap on the cost of ­credit. The failure to act is creating a market for firms like Wonga. It is tragic there is no other help to keep small British firms afloat.”

Damelin and Hurwitz say Wonga is merely responding to demands from small business for 24/7 access to cash.

Calculations from the latest ­company records show Damelin, 42, has “a significant interest” in nearly 17 million shares in Wonga.com’s parent company Wonga Group, with an estimated market value of £33.6m. Hurwitz, also 42, has “a significant interest” in 12.6 million shares, worth around ­£25.1m.

Another person benefiting from Wonga.com’s success is venture capitalist Adrian Beecroft, a major donor to the Tory party, having handed over £593,000 since David Cameron became leader. Mr Beecroft is chairman of Dawn Capital, which has a large stock in Wonga Group. Latest accounts show the company, which is now worth £384m, was worth a mere £17m in December 2010.

Phil McCabe, of the Forum of Private Business, said of ­Wonga.com’s latest venture: “The key issue in small business finance is affordability and, with ­reported interest rates bordering on the astronomical, it appears this is precisely not what Wonga are offering to small businesses.

“Firms should be extremely wary of aggressively-marketed finance ‘solutions’ that end up costing the Earth.”